The Dubai Multi Commodities Center (DMCC) says it is attracting more Chinese companies to set up its business.

Dubai Multi Commodities has the potential to contribute to the strengthening of Dubai-China relations, said Ahmed Bin Sulayem, Chief Executive Officer and CEO of the Center, at the Dubai-China Trade Forum.

He stressed that the Dubai Investment Week has an influential role in Dubai's ability to establish itself as an ideal destination for foreign direct investment, as it contributes to enhance the international presence of Dubai, access to key markets, and the flow of international trade.

An important partner

Dr. Raed Al-Safadi, Dubai's chief economic adviser, said Dubai would benefit from increased trade relations with China under the Belt and Road Initiative, where the emirate is an important and strategic partner for China in the initiative.

He explained that the current trade dispute between the United States and China, will force the latter to find new markets out of bilateral relations with the United States even in the absence of trade war, because Americans are concerned about the growing Chinese exports to the US market, which would benefit the UAE.

Al-Safadi added that the latest figures show the depth of trade and investment relations between Dubai and China, where the value of trade exchange last year amounted to 140 billion dirhams, becoming China's first trading partner of the emirate, while Chinese investments in the last four years exceeded the level of one billion dollars (about 3.67 billion dirhams) ).

Increase trade

Safadi noted that Dubai welcomes the increase of trade exchange with China and the enhancement of the added value which is increasing year by year, especially the local manufacturing of some industries and services.

He pointed out that the most prominent Chinese investments in Dubai are concentrated in the sectors of information technology, trade, retail and construction, as well as the financial and banking sector, through the Dubai International Financial Center.

He expected to increase relations with China, in the presence of strategic plans to strengthen trade links between Dubai and China, in the interest of China in light of the high economic growth in the Middle East and Africa, in return for the slowdown in the global economy and growth in Europe.

The indicator is clear

Fahad Al Gergawi, Executive Director of the Dubai Investment Development Corporation (DFID), said that foreign direct investment in Dubai reached AED 46.6 billion in the first half of the year, compared to AED 39 billion in 2018, a clear indication of continued global confidence in Dubai's economy over the Coming years.

"Dubai is making every effort to facilitate foreign direct investment and is an open platform for the world to explore opportunities, achieve its goals and benefit from one of the fastest growing economies in the Middle East," he added.

forum

The Dubai-China Trade Forum was attended by more than 300 prominent officials from government, trade, investment and technology sectors to discuss investment opportunities for Chinese companies.

The forum discussed current global trade policies and economic challenges, stressing the importance of Dubai-China economic partnership.

understanding

Earlier this year, the Dubai Multi Commodities Center (DMCC) signed two memorandums of understanding (MoU) with the China Council for the Promotion of International Trade (CCPIT), aimed at boosting trade between the UAE and China and attracting Chinese direct investment to Dubai.

In 2017, DMCC established the Yington China Business Center to provide customized services to Chinese companies wishing to establish their business in Dubai Multi Commodities.